Buying and using cryptocurrency is the most crucial part of daily digital life. In this sector, there are different activities involved investing, spending, or just exploring blockchain apps. But before using crypto, every user must set up a wallet to store and protect their coins.
What is a Wallet used for? A wallet is used to store coins and send and receive coins to and from other Wallets. The process is very easy, but securing it is very important. Also, in the case of cryptocurrency, you control your coins, and therefore, if you lose access, no one can help you retrieve the coins.
Buy Crypto the Right Way
The first thing you should do is decide where you will purchase your cryptocurrency. In doing so, always make sure to research and purchase only through trusted platforms and partners that are well known. You must also be wary of those offers that seem very appealing, as well as platforms with complicated purchasing processes, as they are usually set by scammers.
BitPay, for instance, partners with trusted parties such as Simplex, Wyre, and MoonPay to ensure the safe purchase of crypto, which is then delivered into the buyer’s wallet within minutes. When dealing with any platform, familiarize yourself with the procedures entailed in buying and never hurry through processes that appear complicated and suspicious.
Back Up Your Wallet — This is Very Important
Once you have your crypto, you’ll need to back up your wallet. This is one of the most important parts of owning cryptocurrency. When you create a new wallet, you are given a recovery phrase, also known as a seed phrase. This phrase is your only way to get back into your wallet if you ever lose access to it. BitPay and other self-custody wallet providers do not save these recovery phrases for you.
That means if you lose your wallet and forget to record your seed phrase, your funds are gone forever. The best way to store your recovery phrase is offline — write it on paper, use a metal plate, or keep it in a safe place. Never save it online in an email, password manager, or notes app because those can be hacked. Always remember: if someone else gets your recovery phrase, they can steal your crypto.
Turn On Two-Factor Authentication
Next, you can add extra security to your wallet by using two-factor authentication, also called 2FA. BitPay lets users turn on 2FA, which asks for a code from your authenticator app every time you sign in. This adds another wall of protection between hackers and your wallet. To enable it, go to Settings, then tap your account, choose Two Factor Authentication, and turn it on. This step only takes a few minutes but can save you from big trouble later.
It’s also wise to lock your wallet using biometric or facial recognition. Phones change hands all the time, and accidents happen. Adding biometric locks like fingerprint or facial recognition keeps your wallet private even if someone uses your phone. BitPay’s wallet has this feature under Settings > Security > Lock App. You can also set a PIN code for more protection. It’s an easy way to keep your money secure from nosy friends or strangers.
Add an Encrypted Password
Some wallets also let you use an encrypted password for added protection. This password acts as another key to stop anyone from sending funds without your approval. BitPay gives users the option to enable encrypted passwords for specific wallets or keys. Just like your recovery phrase, BitPay doesn’t store this password for you. It’s your job to keep it safe and private.
For those who want even stronger protection, creating a multisig wallet can be a smart move. A multisig, or multi-signature wallet, needs two or more approvals before sending a transaction. This setup can involve multiple people, like a joint account, or one person using several devices. It may feel a bit slower for daily use, but it’s much safer. Even if one device is compromised, a hacker would still need the others to move your crypto.
Watch Out for Scams and Phishing
Most people lose their crypto not because their wallet was hacked but because they were tricked. Phishing scams are everywhere — fake links, emails, and social media messages that look real. Always double-check before clicking or entering your login details. No real exchange or wallet provider, including BitPay, will ever ask for your recovery phrase, private keys, or encrypted password. If someone does, it’s a scam. Don’t fall for it.
Crypto safety is not a one-time job. You must stay alert and keep up with new security trends and scam warnings. As BitPay says, “Follow these helpful tips on how to keep your crypto wallet safe and you should remain free from the biggest risks in cryptocurrency.”
The crypto world keeps changing fast. New scams appear often, and hackers find new tricks every day. Protecting your wallet should always be part of your crypto routine. With smart habits and the right tools, your coins will stay safe and ready whenever you need them.
Also Read: Czech Central Bank Starts $1M Digital Asset Test Portfolio
